Ryan Collier is Chief Digital Officer and President of Executive Lines at Risk Placement Services, a leading Managing General Agent/Underwriting Manager and nationally focused wholesale insurance broker. RPS has ranked in the top five in every insurance industry category and have been consistently ranked as the largest MGA in the United States for several years. Recently RPS was named a 2021 top insurance workplace by Insurance Business America, with headquarters in Rolling Meadows, Illinois, the company has more than 500 employees, 80 branch office and satellite locations. We caught up with Ryan to discuss how digital transformation is impacting the commercial insurance market and his experience deploying digital strategies, tips for fostering a culture of innovation, removing friction from the risk placement process, and thriving in the wake of disruption.
Ryan, the term ‘digital transformation’ is a phrase that is broadly used across the insurance industry today. From your perspective, in your words, how would you define digital transformation?
To me, digital transformation is simply leaning on technology and data to enable the carriers and brokers to be better able to serve their customers. Historically, our industry has used opinion-based thinking and “gut feel” to solve problems and serve customers. Having an ecosystem that allows the entire lifespan of a client’s needs to be digitally accessible is quite a challenge and the goal that companies should strive for. Our people shouldn’t spend their valuable time on non-revenue/non-client facing tasks – they should be empowered by the tools that can be put in place whether that is on the risk taking or risk facilitation side.